NEW YORK (TheStreet) -- Barclays (BCS) plans to cut 19,000 jobs of its 140,000-strong global workforce over the next three years in a move to refocus operations as a retail bank.
Suffering the bulk of losses, its investment arm will have around 7,000 positions axed by 2016. By that year, the division will hold around 30% of Barclay's risk-weighted assets, down from around half at the moment.
"We will be a focused international bank operating only in areas where we have capability, scale and competitive advantage," said CEO Antony Jenkins in a statement. "Barclays will be leaner, stronger, much better balanced and well positioned to deliver lower volatility, higher returns and growth."Barclays is currently just under a year-and-a-half into an operational overhaul under Jenkins, the goal being to improve its finances and repair its reputation. Its public image was damaged under predecessor Bob Diamond after the British bank attempted to manipulate the Libor rate for the benefit of its U.K. traders. In afternoon trading Thursday, the stock is up 7.6% to $17.77. Must Read: Warren Buffett's 10 Favorite Growth Stocks STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.
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